Wessels & Associates provides financial services, accounting, taxation, auditing and consulting to individuals and small to medium size business.
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Are you considering the way to do effective accounting on your business?
Accounting Services along with Project reports for engineering, Management Information, System Reporting, Business Plans for Equity and Enterprise Valuations, Software corporation assignment report and Payroll Services in Pretoria.
The Benefits of accounting services to every enterprise is something if you want to hardly be ignored in any suggests. This is be the purpose why agencies setting out to take it seriously now a days over ever before as they need located the positions its facts yet as functionality can have interaction in permitting them reap their objectives and targets over a given quantity of some time.
Here is that the best manner
Are you considering the way to do effective accounting on your business? Does one understand that with the help of online accounting offerings such may be a get into the park? Just in case you're thinking about effecting this technique to your own, you will want to ponder analyzing this post from start to complete. This is frequently as it'll be progressing to have you ever uncovered to some of the very best edges of on line accounting services. They're going to facilitate to very own you tuned in to why you wish to start mistreatment such companies on your business these days.
It can shop some time
Do you want to recognize why your commercial enterprise isn't shifting in the interim? It's because of the very truth that you just try and try to do too several things at a time. With the advent of on-line accounting services, you've got the risk to source the accounting side of your commercial enterprise to a expert agency which is capable of make certain that every one the monetary aspects of your commercial enterprise is blanketed within the method that they need to.
This reasons you to be terribly powerful in opportunity activities that allows you to would like your interest. Do now not overlook that accounting is not totally technical however additionally terribly exigent once it entails time. This is often due to the fact for the records to be top, every oversight can need to be compelled to be taken care of flow into the simplest capacity manner.
Handling of Payments
This is one a few of the elements wherever you may realize it extraordinarily tough to attempt to do at the same time as not hiring online accounting services. They need been determined to be platforms anywhere consider and self assurance are created among enterprise house owners and their team of workers. Making and try to live tune of who and as soon as to pay isn't simple in any approach. Through the offerings rendered by using these experts, you may see that such might be treated.
Moreover, it's capability that you simply can also make mistakes as soon as making and try and cope with this in your personal as you aren't a professional. Professional on line accounting services try to make sure that there are not any rooms for mistakes once dealing with economic issues.
Professional Advice Accounting and Tax
This is maybe one facet wherever on-line accounting offerings will hardly be unheeded. They're going to make sure which you're given the only objects of advice in opportunity to confirm that financial sports are handled in a totally skilled way. Several companies are in recent times due to the very reality that their owners can't appear to comprehend but monetary topics will be treated. These experts are there to affirm that you just are given skilled steerage every time they're called upon at any time of the day.
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Capacity Building and Training - Wessels Accounting Pretoria Monitor your business’s accounting and financial performance
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The Institute of Chartered Accountants in Pretoria
The modern head accounting body of the South AFrica, the Institute of Chartered Accountants in Pretoria, has had a royal constitution because its first inception in 1880. Accounting firms specific underneath this accreditation have to undergo some of the most rigorous analytical testing, screening, and work related experience anywhere within the global.
Before the leading edge of the economic revolution came into being, and before the outgrowth of firm agencies, accountants had been often visible as now not an awful lot extra than bookkeepers; people who recorded the economic transactions and balances of others.
In modern global, the job of accounting in Pretoria, even for a small enterprise, can frequently be a dramatically underneath favored project. The maximum technically gifted accountants of today no longer handiest ought to cope with the growing complexity of manufacturing and logistic accounting, however also transactions handling depreciation of belongings, stock valuation, and a Company's coverage and regulation dues. This makes a chartered accounting firm one of the most important elements of any commercial enterprise within the modern-day world.
What a Chartered Accounting firm can do for you
Accountants in Pretoria frequently can not perform the multitude of tasks required through a a success cutting-edge commercial enterprise all by means of themselves. Many extraordinary pretty specialized fields each require their very own full time employee, such as prison and danger control, logistics and production, taxation and regulation, depreciation and pass-forex, payroll and advantages, and of path revenue and fees.
When you have got this form of complexity within your business, the most effective feasible solution is turning to a dedicated crew of accountants.
Chartered accounting companies, much like many different regions of your commercial enterprise, will regularly be quite specialized. There may be a tax professional, a P&L professional, a payroll expert, and so forth. Hiring them is regularly similar to hiring a PR firm or advertising firm. The difference being that chartered accountants are some of the maximum heavily regulated and trained experts within the industry.
The SAICA and South African Institute of Chartered Accountant (IRBA), both based in Pretoria, routinely perform professional audits on their members and companies at some point of the yr. Additionally, in case your firm is completely or in part public (gets taxpayer bucks) then accountants in Pretoria are regularly required to maintain expert indemnity coverage, as well as being mechanically audited.
Contributing without delay on your bottom line
Going past simply recording and providing statistics, state-of-the-art expert chartered accounting companies are expected to be as essential part of a enterprise as another. That means they're anticipated to always endorse new methods of lowering charges, including on transport, import and export taxes, licensing and so forth.
Professional accountants need to be the first point of attack in such eventualities, such as discovering that a positive municipality just reduced their taxes on a key component of a brand new product, or that there are several new laws that could have an effect on production charges or liability troubles with manufacturing. It is the accounting company's process to navigate via these types of extraordinary eventualities, and choose the most economically possible alternative for the corporation.
If you are considering upgrading to a totally chartered accounting firm in Pretoria, consider it like upgrading from a college intern marketing your products, to an award winning, fully functioning marketing crew. The differences that arise will not handiest result in peace of mind for you and your budget, but also provide a regular foundation for the destiny of your enterprise.
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The complications that surround tax season are enough to choke the life out of any small business. You can breathe easy with a Registered Tax Practitioner.
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Wessels & Associates can turn your business complexities into simple solutions. We can assist you with financial management, financial reporting, auditing, business analysis and strategy, taxation or anything in between.
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Wessels & Associates enables you to focus on your core activities while all administrative burdens are dealt with by qualified professionals.
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The complications that surround tax season are enough to choke the life out of any small business. From the top of your mind, do you know what your Compulsory VAT Registration Threshold is? What exactly does the Income Tax Act mean for a business like yours? http://www.wessels-accounting.co.za/sars-registered-tax-practitioners/
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Indications of a strong internal control environment
What is internal control?
It is the system of checks and balances to ensure the company’s financial records are accurate and reliable being the result of transactions that are carried out and recorded timeously, accurately and efficiently.
The effectiveness of internal controls is dependent on management’s attitude towards controls.
Indications of a strong internal control environment
Employees possess the necessary skills and competence required
Recruitment agencies or HR checks and verify the details in CVs properly.
Proper inhouse training to staff
Clear roles and responsibilities
Separation of duties are in place between functions of initiation, authorization, recording and reviewing.
Monitoring of staff performance
Strong document controls include:
Easy to understand designed forms
Sequentially pre-numbered documents to be able to track, record and reconcile documents.
Orders and Invoices approved by management
Payments approved by management
Physical verification and inspections are performed
Supporting documents accompany orders and deliveries
Information on documents comply with VAT requirements
Documents are filed regularly and in a logical manner
Strong Accounting and Admin controls include:
Reconciliations between accounting records and source documents – bank accounts, supplier statements, customer statements.
Overall review done by management.
Statutory requirements such as VAT returns, Payroll returns, Tax returns reviewed by management.
Filing are done in a logical manner i.e. monthly file for expenses and income.
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Statutory requirements such as VAT returns, Payroll returns, Tax returns reviewed by management.
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Have all outstanding returns submittedie. VAT returns, PAYE returns, Income Tax Returns
Tax Compliance Status
SARS’s system makes it easier for taxpayers to obtain a Tax Clearance Certificate (TCC) and the system allows taxpayers to obtain a Tax Compliance Status PIN which can be used by third parties to verify your compliance status online via SARS eFiling.
To be tax compliant you need to:
Have all outstanding returns submittedie. VAT returns, PAYE returns, Income Tax Returns
All moneys owed to SARS must be up to date.
Be registered for the tax products that you are liable for.
The taxpayer can view their status before requesting a certificate and identify non-compliance.
A Tax Practitioner can view your status on your behalf and assist to remedy any non-compliance.
A Tax Practitioner can request your Tax Compliance Status online via eFiling.
Benefits of using a tax practitioner.
It enables the business owner to focus on his core activities while all administrative burdens are dealt with by qualified professionals.
Tax Practitioners have a dedicated Call Center for specific taxpayer related queries.
Tax Practitioners have dedicated offices for taxpayer related queries and can book appointments with SARS.
They provide advice about the application of a tax Act.
Complete or assists with the completion of a tax returns.
A tax practitioner belongs to a regulatory body.
Has to comply with SARS requirements for qualifications and experience.
Participate in continuous professional development programmes to ensure their knowledge stays ups to date.
The Tax Administration Act (2011) has been amended requiring tax practitioners to register with a recognized controlling body, and with SARS.
The list of currently recognized controlling bodies:
• Chartered Institute of Management Accountants (CIMA) • Chartered Secretaries Southern Africa (CSSA) • Financial Planning Institute (FPI) • Institute of Accounting and Commerce (IAC) • SA Institute of Chartered Accountants (SAICA) • SA Institute of Professional Accountants (SAIPA) • SA Institute of Tax Practitioners (SAIT) • The Association of Chartered Certified Accountants (ACCA) • Association of Accounting Technicians Southern Africa (AAT(SA)) • Law Society of South Africa • General Council of the Bar of South Africa, Bar Councils and Societies of Advocates referred to in Section 7 of the Admission of Advocates Act, 1964 • Independent Regulatory Board for Auditors (IRBA)
What are the requirements in order to register as a tax practitioner?
A tax practitioner, must meet the following requirements:
Belong to or fall under the jurisdiction of a Recognised Controlling Body as referred to in 240A of the Tax Administration Act.
Have the minimum qualifications and experience set by your Recognised Controlling Body.
Have no criminal convictions for the offences described in s 240(3) of the Tax Administration Act.
Participate in continuous professional development programmes set by your Recognised Controlling Body.
Wessels & Associates is a SARS Registered Tax Practitioner.We can submit the following statutory returns via e-filing or other portals on your behalf:
EMP Payroll returns – PAYE, UIF, SDL, IRP5s
VAT returns VAT201
TAX returns – IT12 or IT14 – Individual taxation and Corporate Taxation
Provisional Tax returns IRP6
Unemployment Insurance Funds UIF returns
Compensation Commission returns
Tax Clearance Certificates
Tax Compliance Status requests
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SARS’s system makes it easier for taxpayers to obtain a Tax Clearance Certificate (TCC) and the system allows taxpayers to obtain a Tax Compliance Status PIN which can be used by third parties to verify your compliance status online via SARS eFiling.
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Assets versus Expenses
When you process payments into your accounting software the decision must be made there and then whether the payment should be categorized as an asset or an expense.
It is therefore important for the processor to understand what the difference is at the input stage to avoid corrections to be made later or to avoid losing track of assets that was purchased.
How to identify an asset
Assets are resources controlled by a business as a result of past events and from which future economic benefits or service potential are expected to flow to the business.
The most obvious difference between an asset and an expense is that that an asset gives you a long-term benefit whereas an expense gives you only a short-term benefit. Assets are usually used over more than 12 months whereas expenses are used up immediately or over a shorter period.
How to identify if it is an expense
If it is not an asset, then it can be classified as an expense.
In Summary: How to identify an Assets
It is a resource
• Something you can use • You have control over it • You have access to it • Has a value
There was a past events
• It was bought or donated or built
There will be future benefits or service potential
• Services to the company or rentedout of income.
Examples of assets:
• Office equipment • Furniture and fittings • Motor vehicles • Plant and equipment
The Cost of an Asset
What should be included in the cost of an asset
Initial Costs is the costs directly attributable to bringing the asset in its location and condition as intended such as:
• Purchase costs • Import duties • Non-refundable taxes • Less any discount or rebates • Site preparation and development • Initial delivery and handling costs • Installation and assembly costs
Later costs incurred
To capitalise the cost incurred later on an existing asset depends on what it the cost will do for the asset:
Cost will be capitalised if :
It extends the useful life of the fixed asset It increases the economic value of asset It Increase capacity/production of asset If it is an upgrade or refurbishment
Expense the later cost if:
It is incurred to restore asset to a working condition for example fixing or maintaining it.
Asset Register
Asset Register is a record of information on each asset that supports the effective financial and technical management of the assets.
The asset register should also facilitate proper financial reporting.
Wessels & Associates ��� Chartered Accountants and Auditors, can assist you with setting up and maintaining an Asset Register and assist with calculating depreciation, impairments and book values.
Please contact us on [email protected] to request a free consultation.
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Introducing Stark Holdings: The Best-In-Class Building Construction and Civil Engineering Contractor in Durban
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The VAT 101 application for registration must be submitted in person at the SARS branch nearest to the place where your business is situated or carried on.
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Tax Invoices & Accounting Services Provider
What information needs to be on a Tax Invoice
The word “Tax Invoice” must be clearly indicated.
The supplier name, Address and VAT no
Tax Invoice Number
Date of Invoice
Recipient name, address and VAT number of recipient (if it is a registered vendor)
Description of goods
Price per unit and quantity
Total Sale value (Indicate the currency)
VAT Charged (indicate the VAT percentage)
Total value including VAT
For tax invoices below R5000
The recipient details need not appear on the invoice
There are no requirements to show the units or volume
The description need not be full.
Value Added Tax (VAT)
Who should register for VAT?
Any person that carries on a business may register for VAT.
It is mandatory for a person to register for VAT if the taxable supplies made or to be made is, in excess of R1 million in any consecutive twelve-month period.
A person may also choose to register voluntarily if the taxable supplies made, in the past period of twelve months, exceeded R50 000.
VAT increased from 14% to 15% from 1 April 2018.
How to register for VAT?
The VAT 101 application for registration must be submitted in person at the SARS branch nearest to the place where your business is situated or carried on.
A registered tax practitioner can register your business for VAT on your behalf.
Registering For Employees’ Tax [Pay-As-You-Earn (PAYE)]
Who should register as an Employer?
An employer must register with the SARS within 21 business days after becoming an employer, unless none of the employees are liable for normal tax.
What is Employees Tax?
Employees’ Tax refers to the tax required to be deducted by an employer from an employee’s remuneration paid or payable. The process of deducting from remuneration as it is earned by an employee is commonly referred to as PAYE.
Monthly submissions to SARS by Employer
The amounts deducted or withheld must be paid by the employer to SARS on a monthly basis, by completing the Monthly Employer Declaration (EMP201). The EMP201 is a payment declaration in which the employer declares the total payment.
Employer Annual Reconciliations
Employers are required to submit their Employer Annual Reconciliations by 31 May to SARS, confirming or correcting payroll tax amounts which were declared in respect of the tax period.
Who should register for Unemployment Insurance Fund (UIF)
An employer who is registered or required to register with SARS for PAYE and/or Skills Development Levy (SDL) purposes, is also required to register with SARS for the payment of Unemployment Insurance Fund (UIF) contributions to SARS.
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Wessels & Associates - (http://www.wessels-accounting.co.za), Chartered Accountants (SA), has the strategic and analytical background to help you formulate a winning strategy and avoid making costly mistakes in any sphere of your business ensuring that every move you make, is a winning one!
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